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Super Spinning Mills Ltd.

BSE: 521180 | NSE: SUPERSPIN |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE662A01027 | SECTOR: Textiles - Spinning - Cotton Blended

BSE Live

Jan 19, 16:00
18.85 -0.40 (-2.08%)
Volume
No Data Available
219,329
  • Prev. Close

    19.25

  • Open Price

    19.90

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Jan 19, 15:47
18.70 -0.50 (-2.60%)
Volume
AVERAGE VOLUME
5-Day
1,091,569
10-Day
793,024
30-Day
445,054
751,526
  • Prev. Close

    19.20

  • Open Price

    19.80

  • Bid Price (Qty.)

    18.70 (947)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

We have audited the attached Balance Sheet of Super Spinning Mills Limited, as at 31st March 2009, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our Audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditors Report) Order, 2003 (as amended), issued by the Central Government of India in terms of Sub Section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, we report that: a. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. b. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books. c. The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. d. In our opinion, the Balance Sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Sub-section (3C) of Section 211 of the Companies Act, 1956. e. On the basis of written representations received from the directors, as on 31 * March 2009 and taken on record by the Board of Directors, we report that none of the directors of the Company is disqualified as on 31 March 2009 from being appointed as Director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. f. In our opinion and to the best of our information and according to the explanations given to us, subject to point no.6 of notes forming part of accounts, the said accounts give the information required by the Companies Act, 1956, in the manner so required, and give a true and fair view in conformity with the accounting principles generally accepted in India: i. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March 2009; ii. In the case of the Profit and Loss Account, of the loss the Company for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. Annexure referred to in paragraph 1 of our report of even date 1. a. The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b. The assets have been physically verified by the management during the year in accordance with a phased programme of verification, which, in our opinion is reasonable, considering the size and the nature of its assets. c. The Company has not disposed off any substantial part of the fixed assets during the year. 2. a. The inventories have been physically verified during the year by the management. In our opinion the frequency of verification is reasonable. b. In our opinion, and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business. c. The company is maintaining proper records of inventories. The discrepancies noticed on verification between the physical stocks and the book records were not material. 3. a. The company had made advances to eight parties covered in the register maintained under section 301 of the Companies Act, 1956. The amount involved in the transaction is Rs.3,591.55 Lakhs. b. No interest is charged with respect to the above advances. However, the other terms and conditions on which advances were made to the parties covered under Section 301 of the Companies Act, 1956 are not prima facie, prejudicial to the interest of the company. c. According to the information and explanations given to us, the receipt of principal amount is regular as stipulated. d. According to the information and explanations given to us, there are no overdue amounts with respect to the above said loans and as such Clause (d) is not applicable. e. According to the information and explanations given to us, the Company had not taken any loans, secured or unsecured, from companies, firms or other parties as covered in the register maintained under section 301 of the Companies Act, 1956 and hence the provisions of clause (iii)(e), clause (iii)(f) and clause (iii)(g) of the said Order are not applicable. 4. In our opinion and according to the information and explanations given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to the purchases of inventory, fixed assets and with regard to sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control. 5. a. According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements that need to be entered into the registers maintained under Section 301 of the Companies Act, 1956, have been so entered. b. In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. In our opinion and according to information and explanations given to us, the company has complied with the provision of Section 58A, 58AA or any other relevant provisions of the Companies Act, 1956 and the rules framed there under. 7. In our opinion, the Company has an internal audit system commensurate with the size of the company and nature of its business. 8. We have broadly reviewed the books of accounts relating to materials, labour and other items of cost maintained by the company pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been made and maintained. 9. a. According to the information and explanations given to us and based on the examination of books of account and records produced before us, we are of the opinion that the undisputed statutory dues including Provident Fund, Investors Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth tax, Service tax, Customs Duty, Excise Duty, Cess and other material statutory dues as applicable, have been regularly deposited by the company during the year with the appropriate authorities. b. As at 31st March 2009, according to the records of the Company and the information and explanations given to us, the following are the particulars of disputed dues (provided / considered contingent liability, as appropriate) in respect of Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty, Excise Duty and Cess wherever applicable that have not been deposited on account of a dispute: c. According to the information and explanations given to us, the details of disputed statutory dues remaining unpaid and the forum where the dispute is pending are listed as under: Name of Statue Issues in the Appeal Income Tax Act 1961 Add back of DPG Interest, Excessive charge of interest u/s.220, 234B Income Tax Act 1961 Excessive charge of interest u/s.220 and 80HHC Income Tax Act 1961 Charge of Interest u/s.234 B Income Tax Act 1961 Excessive charge of interest u/s.220 Income Tax Act 1961 MAT computation and excessive charge of interest u/s.220 Income Tax Act 1961 MAT Computation Income Tax Act 1961 MAT Short Allowed Income Tax Act 1961 Claim u/s.80-IA and bad debts written off Income Tax Act, 1961 Replacement of Machinery, Claim u/s 80-IA Income Tax Act, 1961 Disallowance of TUFS Depreciation The Andhra Pradesh Disallowance of Purchase Tax Credit taken to Govt. Sales Tax Act set off tax collected on Yarn Sales TN General Sales Levy of Penalty for Issue of C Forms Tax Act Maharashtra Sales Tax Goods return disallowed and Non-filing of Central Excise, TN CST Forms Rebate claim on Exports Central Excise, TN Valuation of Cotton Yarn sent to other units Central Excise, TN Deemed CENVAT Credit - Opening Stock Central Excise, TN Capital Goods moved without payment of Duty Service Tax Service Tax on Lorry Freight - availment of abatement Name of Statue Tax Impact Period to which Forum where (in Rs.) the amount relates dispute is pending Income Tax Act 1961 1,50,96,553 1990 - 1991 ITAT, Chennai Income Tax Act 1961 14,37,633 1992 - 1993 CIT(A) Coimbatore Income Tax Act 1961 8,54,590 1994 - 1995 ITAT, Chennai Income Tax Act 1961 85,42,990 1995 - 1996 ACIT, Coimbatore Income Tax Act 1961 15,69,176 1998 - 1999 ITAT, Chennai Income Tax Act 1961 15,24,324 2000 - 2001 ACIT Coimbatore Income Tax Act 1961 55,71,205 2000 - 2001 CIT(A) Coimbatore Income Tax Act 1961 1,37,12,686 2004 - 2005 ITAT, Chennai Income Tax Act 1961 2,74,94,070 2005 - 2006 CIT(A), Coimbatore Income Tax Act 1961 1,78,51,779 2006 - 2007 CIT(A), Coimbatore The Andhra Pradesh 1,89,64,392 1999 - 2000 to DC(CT) (A) Kurnool Govt. Sales Tax Act 2003 - 2004 TN General Sales 83,92,622 1998 - 1999 Honble High Court of Tax Act Madras Maharashtra Sales Tax 13,48,384 2003 - 2004 ST Authorities, Mumbai Central Excise, TN Central Excise, TN 19,29,464 2004 - 2005 & 2005 - 2006 CESTAT, Chennai Central Excise, TN 6,13,009 2003 - 2004 Commissioner of Appeals, Coimbatore Central Excise, TN 11,05,246 2003 - 2004 Commissioner of Appeals, Coimbatore Central Excise, TN 26,30,746 2003 - 2004 Commissioner of Appeals, Coimbatore Service Tax 31,151 2006 - 2007 Commissioner of Appeals, Tirupur 10. There are no accumulated losses and in the current financial year the Company has incurred cash loss. However there were no cash losses in the immediately preceding financial year. 11. In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution or to a bank. There are no debenture holders during the year. 12. We are of the opinion that the company has maintained adequate documents and records, where the company has granted loans on the basis of security by way of pledge of other securities. However, the company has not granted any loans and advances on the basis of securities by way of pledge of shares and debentures. 13. In our opinion, the company is not a chit fund or a Nidhi / Mutual Benefit Fund / Society. Therefore the provisions of clause (xiii) of para 4 of the Order are not applicable. 14. According to information and explanations given to us, the company is not dealing in or trading in any shares and securities and hence the provisions of Para (xiv) of the order are not applicable. 15. In our opinion, the terms and conditions on which the company has given the guarantees for loans taken by others from banks are not prejudicial to the interest of the Company. 16. In our opinion and according to the information and explanations given to us, the term loan(s) have been applied for the purpose for which they were raised. 17. According to the information and explanations given to us and on an overall examination of the balance sheet of the company, we report that no funds raised on short term basis have been used for long term investments. 18. The company has not made any preferential allotment of shares during the year and hence the provisions of clause (xviii) of para 4 of this Order are not applicable. 19. The company has not issued any debentures during the year and hence the provisions of clause (xix) of para 4 of this Order are not applicable. 20. The company has not raised any money by way of public issues during the year and hence the provisions of clause (xx) of para 4 of this Order are not applicable. 21. During the course of our examination of the books of accounts carried on in accordance with the generally accepted auditing practices in India and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the company, noticed or reported during the year nor have been informed of such case by the management. For Reddy, Goud & Janardhan Chartered Accountants Balakrishna S Bhat Coimbatore Partner 27th May, 2009 Membership No.202976